News from your Accountants in Harrogate & Leeds

Keep yourself up-to-date on the latest accountancy news and information with our useful articles.

Autumn budgets from 2018

December 9th 2016

Mr Hammond surprised listeners to his autumn statement speech when he said: This is my first Autumn Statement as Chancellor. After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last.

Salary sacrifice under the microscope

December 9th 2016

Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.

Are you affected by changes to the VAT Flat Rate Scheme (FRS)?

December 9th 2016

HMRC is to introduce an additional test that will determine the flat rate percentage used by traders. It would seem that HMRC presently considers the benefits obtained by certain businesses to be excessive and not in accord with the intentions of Parliament.

Changes to NLW and NMW from April 2017

December 9th 2016

From April 2017, the National Living Wage (NLW) for the over 25s is being increased to £7.50 per hour. This is an increase from the current NLW rate set in October 2016 of £7.20 an hour. For the over 25s, this will represent a wage increase of just over 4%.

Tax Diary for April and May 2017

December 9th 2016

Important tax dates for your diary.  

When is a hobby a trade?

December 6th 2016

We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets - car boot sales.


How long do you need to keep tax records?

December 6th 2016

The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:

Limits on certain claims for tax relief

December 6th 2016

From 6 April 2013, the total amount of certain Income Tax reliefs that can be used to reduce your total taxable income is limited to £50,000, or 25% of your adjusted total income, if higher.